(1)

(2)

(3)

TobinQ

TobinQ

TobinQ

fp

−0.005

0.020^***

0.010

(−0.48)

(2.63)

(1.25)

butie

0.011

(0.88)

fp_butie

0.024^***

(5.06)

SYNCH

−0.139^***

(−6.65)

fp_SYNCH

0.022^**

(2.24)

kz

0.351^***

(16.24)

fp_kz

−0.013^***

(−3.06)

Lev

0.656^***

0.282^**

−1.410^***

(4.80)

(1.96)

(−8.34)

ROA

8.203^***

6.012^***

10.566^***

(9.23)

(7.33)

(11.34)

ROE

−2.066^***

−1.264^***

−2.291^***

(−6.41)

(−4.36)

(−6.74)

ATO

−0.175^***

−0.129^***

−0.001

(−4.57)

(−2.86)

(−0.03)

Cashflow

1.611^***

1.101^***

6.911^***

(4.93)

(3.14)

(15.04)

REC

−0.034

−0.219

−1.210^***

(−0.15)

(−1.00)

(−5.43)

INV

0.696^***

0.303^*

−0.238

(3.46)

(1.79)

(−1.30)

FIXED

−0.577^***

−0.582^***

−1.522^***

(−4.67)

(−4.46)

(−11.30)

Growth

0.037

−0.065^**

0.027

(1.07)

(−2.16)

(0.82)

Indep

0.421

0.351

0.174

(1.62)

(1.43)

(0.74)

Dual

0.003

0.021

0.036

(0.08)

(0.51)

(0.97)

Top1

0.062

0.187

0.014

(0.44)

(1.36)

(0.11)

Top5

0.043

0.196

−0.408

(0.09)

(0.39)

(−0.87)

Top10

0.418

0.075

1.059^**

(0.95)

(0.16)

(2.42)

BM

−0.141^***

−0.076^***

−0.111^***

(−11.11)

(−5.13)

(−9.14)

SOE

−0.041

−0.052

−0.011

(−1.13)

(−1.44)

(−0.33)

ListAge

0.243^***

0.258^***

0.058^**

(10.35)

(9.73)

(2.34)

Big4

0.112^**

0.189^***

0.077

(2.17)

(3.88)

(1.50)

_cons

6.344^***

7.751^***

6.597^***

(13.62)

(10.37)

(11.78)

N

4062

2988

3990

df_m

92.000

91.000

92.000

F

.

.

.

r²

0.417

0.459

0.528

industry

Yes

Yes

Yes

year

Yes

Yes

Yes